Flag, Pennant (Continuation)

Sometimes there will not be specific reaction highs and lows from which to draw the trend lines and the price action should just be contained within the converging trend lines. Yes No Please fill out this field. Before you sign out, make sure you also read our 2 Keys to Success to further enhance your trading experience. Without a sharp move, the reliability of the formation becomes questionable and trading could carry added risk. The reward or profit target is based on the strong movement of the flag pole. In essence, you risk a little to gain a lot more which is the thing that most traders should strive for. In negative divergence, price makes a higher high, but price makes a lower high.

Once the flag pole and a flag or pennant have formed, traders watch for the price to breakout above the upper flag/pennant trendline. When this occurs, enter a long trade. The above pattern is bullish, because the pattern started with a sharp rally.

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Price Target

The flag pole; The flag; A strong up trend; First identify an instrument in a strong up trend (flag pole). Through the duration of this uptrend, eventually prices need to rest and consolidate those gains. This price consolidation becomes the ‘flag’ of the pattern. Home > Technical analysis > Trend continuation patterns > Flag. Flag figure. Shaped like a flagpole with a pennant, this formation is characterized by an upward movement with a large slope followed by a period of consolidation. TradingView comes with a very handy tool called “Measure” which will allow you to quickly measure how big the Flag pole was: Alternatively, if you’re an MT4 trader, if you don’t want to count on hand, you can simply use the Fibonacci indicator and set your target at the % Fibonacci ratio.

AUDCHF Bullish Flag. A bit different from the GBPUSD flag above, this bullish flag on AUDCHF extended almost an equal distance to that of the flag pole itself. In sum, the forex bear flag pattern is easy to recognize with simple rules to observe to enter. Price targets and stops make the bear flag the ideal pattern for traders of all experience levels to benefit from.

The Forex Flag pattern is one of the best-known continuation formations in trading. It is an on-chart figure, which typically appears as a minor consolidation between impulsive legs of a trend. You will see the red Flag Pole and the blue Flag channel on the chart. In the green circle, you see the moment when the price action broke through.

Need a flag to go along with your new flagpole? Choose from our huge selection of outdoor US Flags available in a variety of materials (cotton, polyester, and nylon), or select from our state flags, military flags, world flags or even our sports flags and show your patriotism, whether it's to your country, state, or team. This item Flag Pole: Tangle Free Spinning Flagpole Residential or Commercial 6ft Flag Pole (White) Valley Forge, American Flag, Aluminum Bracket White Powder Coated, 2-Position Pole Holder #1 Best Seller/5(K). Flagpole: The flagpole is the distance from the first resistance or support break to the high or low of the flag/pennant. The sharp advance (or decline) that forms the flagpole should break a trend line or resistance/support level.